Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
drill results from the DeLamar Project (“DeLamar” or the “Project”)
located in southwestern Idaho. The drill results announced today
further demonstrate the resource upside potential of the project in
multiple areas, including the highly prospective BlackSheep target
located on trend northwest of the DeLamar Deposit.
“Over the past 4 years of exploration work and
economic studies, which include a Preliminary Economic Assessment
and Pre-feasibility Study, one item has continued to demonstrate
strong relevance at DeLamar, the vast, untapped and untested
gold-silver upside potential of the Project. Multiple targets for
resource expansion are located in proximity to and outside of the
known gold-silver deposits at DeLamar and Florida Mountain,” states
George Salamis, President and CEO. “In 4 short years, the Company
has established a large gold-silver resource on the Project, as
shown in the Company’s Pre-feasibility Study, while defining
multiple targets on the Project with significant exploration
potential. On average, the Company has discovered ounces on the
Project at a cost of approximately US$10 per ounce.”
“As outlined in the Pre-feasibility Study,
DeLamar has the potential to produce a significant amount of gold
and silver with high-margins and low up-front capital. This
profitable project will likely be further enhanced in the future
through the exploration and drilling of multiple targets around
DeLamar, as shown with these drill results. Even as the Company
progresses the project into permitting and mine development,
exploration and resource expansion will continue to be a key focus
of the Company.”
The following table highlights selected
intercepts from Florida Mountain drill results announced today:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
FME-21-138 |
0.00 |
108.81 |
108.81 |
0.59 |
15.01 |
0.79 |
including |
26.52 |
28.04 |
1.52 |
3.16 |
131.00 |
4.85 |
FME-21-138 |
151.18 |
152.55 |
1.37 |
0.87 |
342.00 |
5.27 |
FME-21-140 |
0.00 |
14.94 |
14.94 |
0.20 |
6.48 |
0.28 |
FME-21-140 |
31.70 |
64.31 |
32.61 |
0.24 |
6.81 |
0.32 |
FME-21-140 |
84.28 |
153.01 |
68.73 |
0.31 |
10.00 |
0.44 |
including |
119.48 |
121.01 |
1.53 |
3.78 |
92.40 |
4.97 |
FME-21-140 |
169.47 |
187.91 |
18.44 |
0.44 |
11.61 |
0.58 |
FME-21-141 |
0.00 |
69.19 |
69.19 |
0.29 |
10.47 |
0.42 |
including |
12.04 |
13.56 |
1.52 |
1.46 |
198.00 |
4.01 |
FME-21-141 |
112.78 |
185.93 |
73.15 |
0.50 |
41.50 |
1.03 |
including |
115.82 |
117.35 |
1.53 |
6.42 |
745.00 |
16.01 |
including |
157.58 |
159.11 |
1.53 |
1.30 |
147.00 |
3.20 |
including |
166.73 |
168.25 |
1.52 |
2.04 |
539.00 |
8.98 |
FME-21-142 |
0.00 |
68.89 |
68.89 |
0.21 |
7.60 |
0.30 |
FME-21-142 |
103.94 |
105.46 |
1.52 |
2.22 |
2.89 |
2.26 |
FME-21-142 |
138.07 |
178.31 |
40.24 |
0.65 |
8.53 |
0.76 |
including |
177.09 |
178.31 |
1.22 |
11.61 |
32.92 |
12.04 |
FME-21-143 |
32.92 |
69.49 |
36.57 |
0.28 |
20.11 |
0.53 |
including |
32.92 |
34.44 |
1.52 |
4.92 |
30.01 |
5.30 |
FME-21-143 |
147.98 |
151.18 |
3.20 |
7.53 |
22.99 |
7.83 |
including |
147.98 |
148.74 |
0.76 |
29.53 |
92.75 |
30.73 |
FME-21-145 |
134.11 |
135.64 |
1.53 |
4.95 |
5.82 |
5.02 |
FME-21-151 |
93.88 |
128.93 |
35.05 |
0.41 |
4.56 |
0.47 |
FME-21-152 |
43.28 |
87.17 |
43.89 |
0.50 |
31.63 |
0.91 |
including |
58.83 |
61.87 |
3.04 |
5.46 |
278.50 |
9.04 |
FME-21-152 |
101.04 |
102.57 |
1.53 |
0.01 |
145.00 |
1.88 |
FME-21-152 |
124.05 |
181.97 |
57.92 |
0.14 |
8.75 |
0.25 |
FME-21-153 |
52.73 |
126.34 |
73.61 |
0.14 |
16.15 |
0.34 |
FME-21-153 |
140.67 |
142.19 |
1.52 |
2.55 |
3.76 |
2.60 |
FME-21-153 |
187.91 |
208.18 |
20.27 |
0.43 |
17.16 |
0.65 |
including |
187.91 |
189.59 |
1.68 |
0.87 |
98.13 |
2.13 |
FME-21-153 |
226.47 |
235.61 |
9.14 |
0.45 |
1.76 |
0.47 |
FME-21-153 |
374.14 |
375.97 |
1.83 |
0.61 |
136.67 |
2.36 |
including |
374.14 |
374.90 |
0.76 |
1.29 |
235.00 |
4.31 |
FME-21-153 |
399.50 |
404.17 |
4.67 |
2.07 |
259.52 |
5.41 |
including |
399.50 |
399.90 |
0.40 |
11.24 |
1148.00 |
26.01 |
including |
402.64 |
404.17 |
1.53 |
3.24 |
464.00 |
9.21 |
FME-21-154 |
53.80 |
56.85 |
3.05 |
1.12 |
40.89 |
1.65 |
(1) Downhole thickness: true
width varies depending on drill hole dip; most drill holes are
aimed at intersecting the vein structures close to perpendicular
therefore true widths are close to downhole widths (approximately
70% conversion ratio)(2) Gold equivalent = g Au/t
+ (g Ag/t ÷ 77.70). Rounding may cause minor discrepancies in the
AuEq column.(3) Intervals reported are uncappedThe
intercepts reported today from Florida Mountain consist of
mineralization with wide-spread low-grade gold-silver values, at
times crosscut and underlain by narrower high-grade, steeply
dipping low-sulphidation quartz-adularia veins. It is pertinent to
note that with the exception of a portion of drill hole FME-21-138,
none of the intercepts reported above were included in the 2022
DeLamar Resource Estimate completed alongside the PFS. It is also
important to note that a large measure of some of the thicker
intervals of mineralization reported today contain oxide and
transitional gold-silver mineralization which, given their
location, could be amenable to heap leaching.
To view a drill plan map of Florida Mountain,
please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_fm_-_2022-10-20.pdf
To view cross sections of Florida Mountain,
please click on the link
below:https://integraresources.com/site/assets/files/2572/fm_cross_sections_oct_2022_138-152.pdf
https://integraresources.com/site/assets/files/2572/fm_cross_sections_-_oct_140-142.pdf
The following table highlights selected
intercepts from BlackSheep drill results announced today:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
IGE-21-003 |
43.74 |
47.40 |
3.66 |
2.21 |
147.87 |
4.12 |
IGE-21-004 |
36.73 |
43.59 |
6.86 |
0.52 |
110.58 |
1.94 |
IGE-21-004 |
109.12 |
130.45 |
21.33 |
0.15 |
5.62 |
0.22 |
LDE-21-004 |
182.88 |
210.31 |
27.43 |
0.15 |
12.91 |
0.32 |
including |
208.79 |
210.31 |
1.52 |
1.26 |
4.72 |
1.32 |
LDE-21-004 |
246.89 |
289.56 |
42.67 |
0.18 |
3.22 |
0.22 |
including |
246.89 |
248.41 |
1.52 |
1.08 |
4.42 |
1.14 |
LDE-21-005 |
70.10 |
91.44 |
21.34 |
0.17 |
24.61 |
0.49 |
including |
85.34 |
86.87 |
1.53 |
0.33 |
161.00 |
2.40 |
LDE-21-005 |
141.73 |
190.50 |
48.77 |
0.59 |
11.23 |
0.73 |
including |
143.26 |
144.78 |
1.52 |
8.62 |
17.57 |
8.85 |
(1) Downhole thickness: true
width varies depending on drill hole dip; most drill holes are
aimed at intersecting the vein structures close to perpendicular
therefore true widths are close to downhole widths (approximately
70% conversion ratio)(4) Gold equivalent = g Au/t
+ (g Ag/t ÷ 77.70). Rounding may cause minor discrepancies in the
AuEq column.(2) Intervals reported are uncappedTo
view a drill plan map of the BlackSheep, please click on the
following
link:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_bs_-_2022-10-20.pdf
The BlackSheep District, which includes the
Lucky Days and Georgianna Targets, is host to extensive
gold-silver-arsenic soil geochemical anomalies analogous to the
size and scope of gold-silver-arsenic anomalies present at the
multi-million-ounce DeLamar and Florida Mountain deposits that are
adjacent to this area. At the more deeply eroded DeLamar and
Florida Mountain deposits, the high-grade vein mineralization which
was discovered and mined historically was partially in outcropping
and surrounded by a halo of low-grade stockwork mineralization,
which was subsequently mined by open pit. At the BlackSheep
District, which is less deeply eroded, only the upper part of the
stockwork vein halo is exposed, and the higher-grade veins are
interpreted as being 100 m to 200 m below the current
level of exposure. The drill results announced today targeted a
very small fraction of these geochemically anomalous areas, with
large tracts of land at both Georgianna and Lucky Days still to be
drilled. In addition, multiple targets with large geochemical
anomalies and mineralized surface showings within the BlackSheep
District remain untested, including Twin Peaks, Statue Hills/Spain,
Argentum and other highly gold-silver anomalous areas. This is a
very large, 25 square kilometer area of untested potential.
In 2020, the Company undertook a preliminary
regional mapping program of the BlackSheep area. Additional
detailed mapping was then undertaken to characterize the
mineralization at Lucky Days. In 2022, a further mapping program
was undertaken by the exploration team focusing on Twin Peaks and
Spain/Statue Hills to the North and an effort to map from Northern
Lucky Days to Twin Peaks. Though complete assays of all samples
have not been received, preliminary grab sample assays are
encouraging, including surface samples ranging from 1.06 g/t Au to
6.12 g/t Au.
The following table highlights selected surface
samples from BlackSheep:
Area |
g/t Au |
g/t Ag |
g/t AuEq |
Lucky Days |
1.24 |
50.20 |
1.89 |
Lucky Days |
2.56 |
125.00 |
4.17 |
Lucky Days |
2.49 |
79.80 |
3.52 |
Lucky Days |
2.76 |
586.00 |
10.30 |
Lucky Days |
1.31 |
2.35 |
1.34 |
Georgianna |
13.33 |
109.57 |
14.74 |
Twin Peaks |
2.55 |
66.00 |
3.40 |
Twin Peaks |
6.12 |
330.00 |
10.37 |
Twin Peaks |
1.16 |
23.80 |
1.47 |
Twin Peaks |
2.15 |
80.30 |
3.18 |
Twin Peaks |
1.92 |
22.20 |
2.21 |
Twin Peaks |
1.61 |
10.20 |
1.74 |
Twin Peaks |
1.06 |
30.50 |
1.45 |
(1) Gold equivalent = g Au/t +
(g Ag/t ÷ 77.70)
To view a map of BlackSheep targets, please click on the link
below:
https://integraresources.com/site/assets/files/2572/blacksheep_map_vuse.pdf
On-going Drill program:
The Company is currently engaged in a 11,000 m
drill program designed to systematically test approximately 60
million tonnes of previously mined but not processed, oxidized and
transitional gold-silver mineralisation that was stockpiled by
previous mine operators. One drill rig is currently active on the
project, with 9 drill holes completed in less than 2 weeks of
drilling. It is expected that this drilling will take 3 to 4
months, with preliminary results scheduled to start arriving in the
next 4 to 6 weeks. If successful, this program has the potential to
add a vast amount of potentially heap leach gold-silver
mineralization to future mine plans at a very low-cost base.
Sampling and QA/QC
Procedure
Thorough QA/QC protocols are followed on the
Project, including insertion of duplicate, blank and standard
samples in the assay stream for all drill holes. The samples are
submitted directly to American Assay Labs in Reno, Nevada for
preparation and analysis. Analysis of gold is performed using fire
assay method with atomic absorption (AA) finish on a 1 assay ton
aliquot. Gold results over 5 g/t are re-run using a
gravimetric finish. Silver analysis is performed using ICP for
results up to 100 g/t on a 5-acid digestion, with a fire
assay, gravimetric finish for results over 100 g/t silver.
Qualified Person
The scientific and technical information
contained in this news release has been reviewed and approved by E.
Max Baker Ph.D. (F.AusIMM), Integra’s Vice President Exploration of
Post Falls, Idaho, a “Qualified Person” (“QP”) as defined in
National Instrument 43- 101 – Standards of Disclosure for Mineral
Projects.
About Integra Resources
Integra is a development-stage mining company
focused on the exploration and de-risking of the past producing
DeLamar gold-silver project in Idaho, USA. Integra is led by the
management team from Integra Gold Corp. which successfully grew,
developed and sold the Lamaque Project, in Quebec, for C$600m in
2017. Since acquiring the DeLamar Project, which includes the
adjacent DeLamar and Florida Mountain gold and silver deposits, in
late 2017, the Company has demonstrated significant resource growth
and conversion while providing robust economic studies in its
maiden preliminary economic assessment and now pre-feasibility
study. An independent technical report for the PFS on the DeLamar
Project has been prepared in accordance with the requirements of NI
43-101 and is available under the Company’s profile at
www.sedar.com and on the Company’s website at
www.integraresources.com.
ON BEHALF OF THE BOARD OF DIRECTORSGeorge
SalamisPresident, CEO and Director
CONTACT INFORMATIONCorporate Inquiries:
ir@integraresources.comCompany website:
www.integraresources.comOffice phone: 1 (604) 416-0576
Forward looking and other cautionary
statements
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussion with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often, but
not always using phrases such as “plans”, “expects”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, or “believes” or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved) are not statements of
historical fact and may be forward-looking statements. In this news
release, forward-looking statements relate, among other things, to:
statements about the scope, timing and completion of the
Pre-feasibility study; estimates of metallurgical recovery rates
and the contribution of silver production to mining operations;
anticipated advancement of DeLamar and future exploration
prospects.These forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business.
Management believes that these assumptions are reasonable.
Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include, among others: risks related to the speculative
nature of the Company’s business; the Company’s formative stage of
development; the Company’s financial position; possible variations
in mineralization, grade or recovery rates; actual results of
current exploration activities; actual results of reclamation
activities; conclusions of future economic evaluations; business
integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold, silver, base metals or certain
other commodities; fluctuations in currency markets (such as the
Canadian dollar to United States dollar exchange rate); change in
national and local government, legislation, taxation, controls
regulations and political or economic developments; risks and
hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formation pressures, cave-ins and
flooding); inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to
properties. Although the forward-looking statements contained in
this news release are based upon what management of Integra
believes, or believed at the time, to be reasonable assumptions,
Integra cannot assure its shareholders that actual results will be
consistent with such forward-looking statements, as there may be
other factors that cause results not to be anticipated, estimated,
or intended.
Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information.
Cautionary Note for U.S. Investors
Concerning Mineral Resources and Reserves
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule of the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Technical disclosure
contained in this news release has been prepared in accordance with
NI 43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum Classification System. These standards differ from
the requirements of the U.S. Securities and Exchange Commission
(“SEC”) and resource information contained in this
press release may not be comparable to similar information
disclosed by domestic United States companies subject to the SEC's
reporting and disclosure requirements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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